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ENRC has sold its 13% stake in Northam Platinum for ZAR2.5 billion ($203 million), the South African platinum producer said on Tuesday March 10.
The Kazakh-based miner conducted a strategic review and concluded that the stake was a non-core asset, Northam said.
The stake was written down by $120 million in early 2013 as ENRC announced various impairments.
“Prior to this announcement, ENRC held 51,732,782 ordinary shares in Northam constituting approximately 13.01% of Northam’s issued share capital […] the entire ENRC stake was placed at a price of ZAR48.25 per Northam share, representing a total transaction value of approximately ZAR2.5 billion,” Northam said.
ENRC, which makes products including copper, ferro-alloys and cobalt, delisted from the London Stock Exchange at the end of 2013 when it was bought out by its founding shareholders, becoming part of Eurasian Resources Group.
Janie Davies jdavies@metalbulletin.com Twitter: @janiedavies_mb